What Are Fixed-Rate Mortgages?
One of the most popular loan options is the fixed-rate mortgage. A fixed-rate mortgage is a loan with a locked-in interest rate—meaning that your interest rate remains unchanged for the duration of the mortgage term.
Due to the popularity of fixed-rate loans, there are many lenders and financial products to choose from. Each lender and product comes with differing rates, terms, and conditions. With the help of our firm, we can work with reputable lenders to obtain the most suitable mortgage for your needs.
Contact our brokerage firm to learn more about fixed-rate mortgages and the many opportunities available to you.
What Is Mortgage Refinancing?
Mortgage refinancing refers to the process of replacing your home’s existing mortgage with a new one. In these cases, an old loan with unfavorable rates and conditions is paid off with a new loan. Through mortgage refinancing, you can secure a new mortgage with entirely new terms, payment plans, interest rates, and more.
Given that you already own real estate and your financial position is stronger than it was when you first bought your home, you should be able to procure the fixed and low-interest mortgage you desire. When you work with us, we’ll leverage your financial position as a low-risk borrower, giving you access to incredible fixed mortgage rates. Call today to get started.
How Do You Refinance a Mortgage?
If you currently hold a variable-rate mortgage, then you may be required to pay a penalty of three months' interest before you enter into a new mortgage agreement. That said, the money you save in the long run will surely offset any costs incurred during the refinancing process.
When you enlist our brokerage services, we break down the refinancing process thoroughly and ensure a smooth transitional period to your new favourable mortgage.
What Drives Change in 5-Year Fixed Mortgage Rates?
Fixed-rates do not change as often as adjustable-rates, but they still change nonetheless. Fixed-rate mortgages fluctuate in response to Canadian bond yields. When yields increase, mortgage rates increase.
What Are the Pros and Cons of Fixed-Rate Mortgages?
One of the biggest benefits of a fixed-rate mortgage is that your interest rate will always be predictable. When you know how much interest you’re paying, you can budget your money more confidently. That said, given the fixed nature of these mortgage rates, you may miss out on opportunities to benefit from sudden market fluctuations.
Schedule Your Mortgage Consultation Today
With our team as your trusted advocates during the refinancing process, you can rest assured that you’ll feel more comfortable with your new mortgage agreement.
Contact Today's Mortgage Choice today and discover your options for refinanced fixed-rate mortgages.